Country News
Argentina: Exporters and local authorities met on July 14, 2016 to discuss extending the expiration dates for export licenses. Exporters are arguing an extension is required because the rains have delayed harvest and more time is needed to execute the exports. (WPI)
Black Sea: The corn crop is developing well and is expected to be large, putting heavy pressure on the feed wheat market as August shipment values fall below $155/MT. (WPI)
China: Corn prices climbed this past week to an average $294.70/MT but corn starch prices fell -$8.20/MT to $23.90/MT on lower demand. Ethanol prices held steady. (WPI)
India: The government will raise the mandatory ethanol blend rate to 22.5 percent but the question is how that demand will be met. At present there is inadequate feed stock (sugar/molasses) and gasoline demand is growing steadily (+7 percent per year and higher). Separately, the government has approved duty free imports of 500 KMT of corn that are designed to check domestic prices and prevent hoarding. (WPI; Bloomberg)